Pure Storage (PSTG) declined 0.1% amid broader market movements. The stock fell 7% during the morning session on February 23, 2026, following the Trump administration's announcement of new global tariffs. The administration imposed a 15% global tariff for up to 150 days using authority from the Trade Act of 1974, creating uncertainty for companies dependent on international supply chains. This tariff announcement came after the Supreme Court had previously ruled that the president could not use the International Emergency Economic Powers Act for such duties. On the analyst side, Wedbush stated Pure Storage has been "excellent" at navigating an environment with higher memory costs and reiterated an Outperform rating with a $100 price target. Separately, Citi lowered its price target to $90 from $105 on February 17 while maintaining a Buy rating, citing sector valuation resets.
Read full analysisPure Storage (PSTG) declined 0.1% amid broader market movements. The stock fell 7% during the morning session on February 23, 2026, following the Trump administration's announcement of new global tariffs. The administration imposed a 15% global tariff for up to 150 days using authority from the Trade Act of 1974, creating uncertainty for companies dependent on international supply chains. This tariff announcement came after the Supreme Court had previously ruled that the president could not use the International Emergency Economic Powers Act for such duties. On the analyst side, Wedbush stated Pure Storage has been "excellent" at navigating an environment with higher memory costs and reiterated an Outperform rating with a $100 price target. Separately, Citi lowered its price target to $90 from $105 on February 17 while maintaining a Buy rating, citing sector valuation resets.
Pure Storage — rebranding as Everpure — sells enterprise data storage systems built entirely on flash memory, with a subscription-based Evergreen model generating $1.8 billion in annual recurring revenue. The company reported 16% year-over-year revenue growth last quarter with non-GAAP product gross margins of 72.9%, and is positioning itself as an AI-infrastructure play through hyperscaler partnerships. Wednesday's earnings report is the immediate focal point, with investors weighing whether the company can sustain its growth trajectory under a new 15% global tariff regime that triggered a 7% single-day selloff on Monday.